EchoStar’s (SAT) 2025 Print is Dominated by Massive Non-Cash Impairments, Even As Subscriber Metrics Keep Sliding

EchoStar Corporation (NYSE:SAT) is one of the Best Space Stocks to Buy Now. However, it’s been going through a rough patch as of late.

In the March 2, 2026, earnings release, EchoStar reported 2025 total revenue of $15 billion, down from $15.83 billion in 2024.

The company posted a 2025 net loss attributable to EchoStar of $14.50 billion, compared with a $119.55 million loss in 2024, which management attributed primarily to about $17.63 billion in non-cash asset impairments and other expenses. EchoStar also noted 2024 results benefited from an approximately $689 million non-cash gain tied to a debt exchange and debt extinguishment. On an adjusted basis, excluding the tax-affected impact of those non-cash items, EchoStar said the 2025 net loss would have been about $1.05 billion vs. about $664 million in 2024. Diluted loss per share was $50.41 in 2025, compared with $0.44 in 2024.

Operationally, pay TV net subscribers fell by about 168,000 in Q4 2025, ending the quarter at 7 million. Retail wireless subscribers decreased by about 9,000 to 7.51 million, while broadband subscribers fell by about 44,000 to 739,000.

EchoStar Corporation (NASDAQ:SATS) is a telecommunications and satellite communications company whose businesses include pay TV, which includes DISH TV and Sling TV, wireless services, Boost Mobile, and broadband and satellite services, including Hughes.

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